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Financial Intelligence Analysis Unit
The Financial Intelligence Analysis Unit (FIAU) is the national central agency in Malta responsible for receiving, analyzing, and disseminating financial intelligence to combat money laundering and terrorism financing. It was founded on October 1, 2002. Powers and functions The FIAU collects financial intelligence and passes it on to the police, who can then carry out criminal investigations or arrest/prosecute any person. The FIAU also exchanges information with foreign financial intelligence agencies and supervisory authorities in Malta or overseas to investigate suspicious financial activities. As an administrative intelligence agency, FIAU can demand and collect information from any individual, authority, or entity, including the police, government ministry, public department/agency, and any supervisory authority. Such a demand for information "overrides any obligation of secrecy or confidentiality under any other law." FIAU operates independently and its activities are not d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Malta
Malta ( , , ), officially the Republic of Malta ( mt, Repubblika ta' Malta ), is an island country in the Mediterranean Sea. It consists of an archipelago, between Italy and Libya, and is often considered a part of Southern Europe. It lies south of Sicily (Italy), east of Tunisia, and north of Libya. The official languages are Maltese language, Maltese and English language, English, and 66% of the current Maltese population is at least conversational in the Italian language, Italian language. Malta has been inhabited since approximately 5900 BC. Its location in the centre of the Mediterranean Sea, Mediterranean has historically given it great strategic importance as a naval base, with a succession of powers having contested and ruled the islands, including the Phoenicians and Ancient Carthage, Carthaginians, Romans, Greeks, Arabs, Normans, Aragonese, Knights Hospitaller, Knights of St. John, French, and British, amongst others. With a population of about 516,000 over an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Birkirkara
Birkirkara (abbreviated as B'Kara) is a city in the central region of Malta. It is the second most populous on the island, with 24,356 inhabitants as of 2020. The town consists of five autonomous parishes: Saint Helen, Saint Joseph the Worker, Our Lady of Mount Carmel, Saint Mary and San Gorg Preca. The city's motto is '' In hoc signo vinces'', and its coat of arms is a plain red cross, surmounted by a crown. Etymology ''Birkirkara'' means "cold water" or "running water". This is attributed to the valley in the town. Originally, the name was written as ''Birchircara'', as influenced by Italian spelling which traditionally does not use the letter 'K'. It is often abbreviated as ''B'kara/Kara''. Geography Birkirkara is situated in a valley, which is most likely where it gets its name from. It is known for flooding on heavy stormy days. Several projects have been proposed. The area has also received embellishment works from time to time. Climate Birkirkara features a Csa Medite ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Intelligence
Financial intelligence (FININT) is the gathering of information about the financial affairs of entities of interest, to understand their nature and capabilities, and predict their intentions. Generally the term applies in the context of law enforcement and related activities. One of the main purposes of financial intelligence is to identify financial transactions that may involve tax evasion, money laundering or some other criminal activity. FININT may also be involved in identifying financing of criminal and terrorist organisations. Financial intelligence can be broken down into two main areas, collection and analysis. Collection is normally done by a government agency, known as a financial intelligence organisation or Financial Intelligence Unit (FIU). The agency will collect raw transactional information and Suspicious activity reports (SAR) usually provided by banks and other entities as part of regulatory requirements. Data may be shared with other countries through intergov ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Money Laundering
Money laundering is the process of concealing the origin of money, obtained from illicit activities such as drug trafficking, corruption, embezzlement or gambling, by converting it into a legitimate source. It is a crime in many jurisdictions with varying definitions. It is usually a key operation of organized crime. In US law, money laundering is the practice of engaging in financial transactions to conceal the identity, source, or destination of illegally gained money. In UK law the common law definition is wider. The act is defined as "taking any action with property of any form which is either wholly or in part the proceeds of a crime that will disguise the fact that that property is the proceeds of a crime or obscure the beneficial ownership of said property". In the past, the term "money laundering" was applied only to financial transactions related to organized crime. Today its definition is often expanded by government and international regulators such as the US Offi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Terrorism Financing
Terrorism financing is the provision of funds or providing financial support to individual terrorists or non-state actors. Most countries have implemented measures to counter terrorism financing (CTF) often as part of their money laundering laws. Some countries and multinational organisations have created a list of organisations that they regard as terrorist organisations, though there is no consistency as to which organisations are designated as being terrorist by each country. The Financial Action Task Force on Money Laundering (FATF) has made recommendations to members relating to CTF. It has created a Blacklist and Greylist of countries that have not taken adequate CTF action. As of 24 October 2019, the FATF blacklist (Call for action nations) only listed two countries for terrorism financing: North Korea and Iran; while the FATF greylist (Other monitored jurisdictions) had 12 countries: Pakistan (see Pakistan and state-sponsored terrorism), Bahamas, Botswana, Cambodia, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Commission
The European Commission (EC) is the executive of the European Union (EU). It operates as a cabinet government, with 27 members of the Commission (informally known as "Commissioners") headed by a President. It includes an administrative body of about 32,000 European civil servants. The Commission is divided into departments known as Directorates-General (DGs) that can be likened to departments or ministries each headed by a Director-General who is responsible to a Commissioner. There is one member per member state, but members are bound by their oath of office to represent the general interest of the EU as a whole rather than their home state. The Commission President (currently Ursula von der Leyen) is proposed by the European Council (the 27 heads of state/governments) and elected by the European Parliament. The Council of the European Union then nominates the other members of the Commission in agreement with the nominated President, and the 27 members as a team are ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Suspicious Activity Report
In financial regulation, a Suspicious Activity Report (SAR) or Suspicious Transaction Report (STR) is a report made by a financial institution about suspicious or potentially suspicious activity. The criteria to decide when a report must be made varies from country to country, but generally is any financial transaction that does not make sense to the financial institution; is unusual for that particular client; or appears to be done only for the purpose of hiding or obfuscating another, separate transaction. The report is filed with that country's financial crime enforcement agency, which is typically a specialist agency designed to collect and analyse transactions and then report these to relevant law enforcement. Front line staff in the financial institution have the responsibility to identify transactions that may be suspicious and these are reported to a designated person that is responsible for reporting the suspicious transaction. This means that the front line staff can a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pilatus Bank
Pilatus was a Maltese bank located in Ta' Xbiex. The bank created in 2013 and closed in 2018. History Pilatus Bank started its operations in January 2014. Its owner was Seyed Ali Sadr Hasheminejad, known as Ali Sadr. The bank came into the spotlight after reporter Daphne Caruana Galizia accused the bank of laundering funds from allegedly corrupt schemes on behalf of offshore companies and individuals. After an 18-month investigation by a magistrate in Malta, it was determined the claims were untrue. Ali Sadr was charged with violating US sanctions against Iran in the United States in March 2018. Found guilty at trial, the court decision was reversed in July 2020 with the charges being dropped. On 4 November 2018, the bank had their banking license revoked by the European Central Bank (ECB). Following the release of Ali Sadr in 2020, Pilatus is taking legal action through the European Court of Justice The European Court of Justice (ECJ, french: Cour de Justice europé ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ali Sadr Hasheminejad
Ali Sadr Hashemi Nejad also known as Ali Sadr, is an American businessman. In 2018, he fought federal charges brought against him for allegedly violating the U.S. sanctions against Iran in connection to a construction project of low-income housing in Venezuela in 2010. After a two-year long legal battle, Sadr was exonerated and all the charges against him were "dismissed with prejudice" due to prosecutorial misconduct. References {{DEFAULTSORT:Sadr Hasheminejad, Ali Living people 1980 births ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Centre For Settlement Of Investment Disputes
The International Centre for Settlement of Investment Disputes (ICSID) is an international arbitration institution established in 1966 for legal dispute resolution and conciliation between international investors and States. ICSID is part of and funded by the World Bank Group, headquartered in Washington, D.C., in the United States. It is an autonomous, multilateral specialized institution to encourage international flow of investment and mitigate non-commercial risks by a treaty drafted by the International Bank for Reconstruction and Development's executive directors and signed by member countries. , 153 contracting member states agreed to enforce and uphold arbitral awards in accordance with the ICSID Convention. The centre performs advisory activities and maintains several publications. History In the 1950s and 1960s, the Organisation for European Economic Cooperation (now the Organisation for Economic Co-operation and Development) had made several attempts to create a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Malta Financial Services Authority
The Malta Financial Services Authority (MFSA) is a financial regulator of Malta. The MFSA was founded in 2002 when it assumed the responsibilities of the Central Bank of Malta, the Malta Stock Exchange, and the Malta Financial Services Centre. It regulates banking, investment, insurance, financial, pension companies and securities markets in Malta. Powers The MFSA has the powers to regulate, monitor, and supervise the financial sector of Malta, protecting the interests of the consumers and promoting the market transparency and efficiency. It has the powers to review business practices, advise the government on policies, and to investigate potential harmful and unfair practices in the financial industry. International relations The MFSA is a member of the European Banking Authority, the European Insurance and Occupational Pensions Authority, the European Securities and Markets Authority, the International Organization of Securities Commissions, and the International Assoc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
